Use the tax amnesty which begins Monday to clean up your taxes—including overdue land and building taxes—and especially since the Unexplained Wealth law began yesterday.
That was the message from Finance Minister Colm Imbert and Attorney General Faris Al-Rawi on Friday.
They were speaking during Parliament debate on a Miscellaneous bill dealing with issues ranging from the tax amnesty, an enhanced pension package for legislators and judges, a change to the Freedom of Information Act and other issues.
The amnesty starting Monday until September will remove interest and penalties on taxes and will apply to all taxes. Government projects earning $500m from the amnesty.
The Board of Inland Revenue will waive penalties and interest from Monday although the bill will be finalised next week.
Imbert urged people to use the facility to pay Land and Building (L&B) taxes especially since the L&B tax is payable under Government’s Property Tax schedule. He said some people had not paid L&B taxes for years and that had stymied their property sales since the transaction requires such taxes to be paid.
He also urged the public to clean up their outstanding taxes before the T&T Revenue Authority (TTRA) begins operations. A bill to govern TTRA operations will be done in the coming days before Parliament goes on recess.
Imbert also defended aspects of the overall bill seeking to harmonise pensions for judges, the Prime Minister and President and that of senior public servants. Only legislators who have served five aggregate years plus would receive the benefit. He said the Police Commissioner (Gary Griffith) would not obtain it since he only served less than four years as a minister in the former People’s Partnership administration. Imbert said some judges had lived and died in poverty or lived on pensions as low as $3,000 monthly.
Al-Rawi also urged people to use the tax amnesty to clean house since he said the Unexplained Wealth law became effective yesterday.
He also apologised for the recent proposal to increase from 30 days to 90 days, the period that public authorities had to respond to Freedom of Information requests. He said he had suggested it and was culpable since he was “close to the numbers.” He noted there was a high compliance rate on approving FOIA requests. The proposal was cut from 90 days to 45 days and Al-Rawi said his role in the issue was to review refusals by public authorities on FOIAs.
Al-Rawi said a trend had been noted of an “industry of exploitation” by some attorneys. He accused UNC members Anand Ramlogan and Gerald Ramdeen of “milking taxpayers” regarding costs their teams had demanded on FOIA cases.